A multi-element negative electrode material magnesium alloy and a preparation method thereof, the multi-element negative electrode material magnesium alloy includes the following components in mass percentage: Al 4-8%, Pb 3-7%, Mn 0.2-0.4%, Zn 0.5-1.0% , In 0.6 ~ 1.0%, Ga 0.8 ~ 4.0%, Hg 0.7 ~ 1.7%, Ce 0.1 ~ 0.3%, the rest is Mg. The preparation method is as follows: (1) preparing Mg-Hg master alloy; (2) sequentially adding Al, Pb, Mn, Zn, In, Ga, Mg-Hg master alloy and Ce into the Mg melt, stirring and melting, and heat preservation Stand still; (3) semi-continuous casting, homogenizing annealing, hot extrusion billet opening, hot rolling, and it is ready. The multi-component negative electrode material magnesium alloy of the invention has high activity, anti-polarization, high voltage platform, short activation time and long discharge time; the invention has simple method, low cost and is suitable for industrialized production.